A long shutdown could leave the Fed without critical data

Federal Reserve Chairman Jerome Powell said Thursday he's worried policymakers won't have a complete picture...

Posted: Jan 11, 2019 1:14 AM
Updated: Jan 11, 2019 1:14 AM

Federal Reserve Chairman Jerome Powell said Thursday he's worried policymakers won't have a complete picture of the US economy if the partial government shutdown persists.

The US Commerce Department, which publishes reports the Fed uses to gauge the health of the economy, is among the agencies swept up in the third week of the shutdown.

Business, economy and trade

Economic conditions

Economy and economic indicators

Government organizations - US

Jerome Powell

Political Figures - US

The Fed

US federal departments and agencies

US government independent agencies

"We would have a less clear picture of the economy, if it would go on for much longer," Powell said in remarks at the Economic Club of Washington.

Powell said he expects the impact of a longer government shutdown to be seen "clearly" in the economic data.

"A longer shutdown is something we haven't had," he said. "I do think that would show up in the data pretty clearly."

A Fed spokesman told CNN this week that staffers will continue to draw from public and private data to guide policymakers ahead of upcoming rate-setting meetings.

"While having the full complement of government data available would be beneficial, the Federal Reserve's staff assessment of economic conditions takes into account a wide range of information from government and private-sector sources, as well as readings on financial and international developments, and staff continue to provide a detailed economic picture for policymakers," the spokesman said.

Powell reiterated that he intends to proceed with a data-driven approach to rate-setting over the coming year. The Fed is working to guide the American economy into a soft landing amid a slowing global economy and market uncertainty, much of it coming from Washington.

"We're actually in a good place," Powell said. "We have the ability to be patient and watch patiently and carefully as we see the economy evolve."

When asked if the Fed plans to raise rates at its next meeting later this month, Powell flatly replied, "There is no such plan."

"You should anticipate we will be watching and waiting," he hastened quickly, which drew laughter by the audience.

The chairman, who has been under fire from President Donald Trump over previous rate increases, said he has yet to receive an invitation by the White House for a meeting.

Powell noted that Fed chairs have historically met with sitting presidents, although added those meetings tend to be "rare."

He said he's not aware of any Fed chair ever turning down an invitation to meet with the President.

Indiana Coronavirus Cases

(Widget updates once daily at 8 p.m. ET)

Confirmed Cases: 33068

Reported Deaths: 2068
CountyConfirmedDeaths
Marion9524558
Lake3494175
Cass15897
Allen141966
St. Joseph122134
Hendricks114268
Hamilton113292
Elkhart110128
Johnson1092106
Madison58459
Porter50522
Bartholomew49034
Clark47941
LaPorte42022
Tippecanoe3823
Howard37824
Delaware37636
Jackson3721
Shelby36822
Hancock32727
Floyd31739
Boone30535
Morgan27724
Vanderburgh2592
Montgomery23417
White2308
Decatur22431
Clinton2221
Noble20421
Grant19721
Dubois1903
Harrison18921
Henry16910
Greene16824
Monroe16512
Warrick16528
Dearborn16521
Vigo1538
Lawrence15223
Miami1401
Putnam1357
Jennings1294
Orange12422
Scott1203
Ripley1106
Franklin1098
Kosciusko1011
Carroll933
Daviess8416
Steuben812
Marshall801
Newton7610
Wayne756
Fayette747
Wabash742
LaGrange682
Jasper661
Washington511
Jay490
Fulton471
Clay461
Rush452
Randolph453
Jefferson431
Pulaski410
Whitley383
Owen351
Sullivan341
DeKalb331
Brown331
Starke323
Perry280
Wells270
Benton260
Huntington262
Knox250
Tipton241
Crawford230
Blackford222
Parke190
Spencer191
Switzerland190
Fountain182
Posey160
Gibson142
Adams131
Ohio130
Warren121
Vermillion100
Martin90
Union80
Pike60
Unassigned0161

Illinois Coronavirus Cases

(Widget updates once daily at 7 p.m. CT)

Confirmed Cases: 115833

Reported Deaths: 5186
CountyConfirmedDeaths
Cook753063519
Lake7933281
DuPage7460350
Kane6083167
Will5356268
Winnebago209153
McHenry148870
St. Clair105077
Kankakee83644
Kendall75119
Rock Island63923
Champaign5957
Madison54557
Boone42416
DeKalb3704
Sangamon34328
Randolph2674
Jackson25610
McLean21613
Ogle2002
Stephenson1992
Macon19219
Peoria1918
Out of IL1831
Clinton18017
Union1519
Unassigned1490
LaSalle14113
Whiteside13412
Iroquois1314
Coles12313
Warren1130
Jefferson10116
Knox960
Grundy952
Monroe9311
McDonough847
Lee791
Tazewell704
Cass690
Henry670
Williamson602
Marion500
Jasper457
Adams441
Macoupin442
Perry410
Pulaski410
Montgomery391
Vermilion381
Morgan341
Christian334
Jo Daviess320
Livingston322
Douglas260
Fayette203
Ford201
Jersey201
Menard190
Mason180
Washington180
Woodford182
Hancock160
Mercer160
Shelby161
Bureau151
Carroll142
Bond121
Franklin120
Piatt120
Schuyler120
Clark110
Crawford110
Fulton110
Brown100
Cumberland100
Logan100
Moultrie100
Wayne91
Alexander80
Henderson80
Johnson70
Massac70
Saline70
Effingham61
Greene50
Marshall50
De Witt40
Lawrence40
Richland30
Stark30
Clay20
Edwards20
Gallatin20
Hamilton20
Wabash20
White20
Calhoun10
Hardin10
Pike10
Pope10
Putnam10
Edgar00
Terre Haute
Overcast
67° wxIcon
Hi: 77° Lo: 54°
Feels Like: 67°
Robinson
Overcast
65° wxIcon
Hi: 77° Lo: 53°
Feels Like: 65°
Indianapolis
Broken Clouds
64° wxIcon
Hi: 75° Lo: 55°
Feels Like: 64°
Rockville
Broken Clouds
63° wxIcon
Hi: 75° Lo: 53°
Feels Like: 63°
Casey
Overcast
65° wxIcon
Hi: 77° Lo: 53°
Feels Like: 65°
Brazil
Overcast
67° wxIcon
Hi: 75° Lo: 53°
Feels Like: 67°
Marshall
Overcast
67° wxIcon
Hi: 77° Lo: 53°
Feels Like: 67°
Cold Front Approaching
WTHI Planner
WTHI Temps
WTHI Radar

WTHI Events